Kryptoz Promote Bitcoin Use Giving Free Car
photo credit: BTC Keychain via photopin cc

Bitcoin Is a controversial payment system. First released in 2009 it has since had its share of detractors and backers. It started out as open source software and since then has started to grow in popularity and usage.

It hit a snag when in late 2013 the government shut down the Silk Road black market, seizing over 20 million dollars in bitcoins. The main fear seemed to be that bitcoins were being used for illegal transactions.

What Exactly Is Bitcoin?

First of all Bitcoin is peer to peer transactions of virtual money without a centralized bank. This is why Bitcoin users are not allowed to have a bank account. It is purely digital money and is the only type of money that utilizes cryptography for transactions rather than banks. First developed as an open source software by Satoshi Nakamoto in 2009 he has since left the project. However, the project Bitcoin lives on with many developers working on furthering the project.

Who Controls The Bitcoin Network?

It should be emphasized that as an open source network Bitcoin has no central authority and no one controls the network. The code can be viewed and dissected by anyone who wishes to look.

Does Anyone Actually Use Bitcoin

While it’s definitely not used by the average person on a daily basis, Bitcoin has been used by a surprising number of businesses like:

WordPress
Reddit
Namecheap
Flattr

And the transactions using Bitcoin have exceeded one billion dollars. To start using Bitcoin one has to purchase bitcoins at a BItcoin exchange and then start exchanging through the community of Bitcoin users. People who are supporters of Bitcoin like that it gives the individual complete control over sending anywhere in the world without the limitations that going through a bank would require.

Kryptoz Giving Away Free Car To Promote Bitcoin Use

Kryptoz is a bitcoin media company that is trying to promote the use of Bitcoin. With the recent government crackdown on Bitcoin markets, it needs a boost to start attracting users again. They are giving away a free Kia Soul, or $10,000 in bitcoins depending on what the winner prefers. Kryptoz wants to raise awareness of bitcoins, since many people might still not know that they exist.

People who want to enter can sign up on the site or take photos of the North American Bitcoin Tour. Run by Kryptoz the tour is aimed at educating and informing people about the benefits of using Bitcoin. For Bitcoin to continue growing it needs a strong community of users who will exchange bitcoins with each other.

While Bitcoin has received a lot of media attention, both good and bad, that’s still not a guarantee that usage will continue to grow. More and more businesses are using Bitcoins because of the benefits, but many still aren’t aware that it exists or that it’s a viable way to pay and get payments. Kryptoz hopes to change that with the tour and the contest giveaway.

US Supportive Of Bitcoin Use So Far

It should be remembered that even with the government crackdown, the U.S. has been supportive of Bitcoin usage, and so far it is legal to use the currency. The main appeal of Bitcoin is that it allows the users to transact without having to abide by the rules of a banking institution.

And for people who are worried that Bitcoin might attract criminal activity, any Bitcoin transaction is always recorded, unlike a cash payment for example. For now, Bitcoin is by far the most popular form of currency that is decentralized. Kryptoz is hoping they can start convincing more people to use it, because for the currency to retain its value, a strong Bitcoin community needs to be established.